World Economy

31m Nigerians Jobless

31m Nigerians Jobless31m Nigerians Jobless

As at September 2016, Nigeria had a total of 31 million jobless people and this is why the magnitude of employment in the economy has not been sufficient to meet the ever-growing labor market, reported. This revelation was made by the National Bureau of Statistics which added that in 2016, unemployment and underemployment stood at 13.9% and 33.6% respectively in the second and third quarter. Between January and end September 2016, 3.7 million people reportedly entered the labor market with net jobs of only 422,135 created within that period, giving a shortfall of 3.2 million for quarter one to quarter three in 2016. “With the Nigerian labor force population rising by a five-year average of over 2.6 million annually, the economy needs to generate the same level of jobs annually just to hold the unemployment rate at the current level of 13.9%,” the NBS survey stated. Nigeria has witnessed the shutting down of many businesses over its harsh economic environment.


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